The team said Price is expected to be out six to eight weeks.
Lakers Coach Byron Scott said Tuesday before Price's surgery that his point guard would “be out for the year.”
L.A. has just 27 regular-season games left.
Price, whose surgery was performed by Dr. Neal ElAttrache, appeared in 43 games for the Lakers and averaged 5.1 points and 3.8 assists in 22.8 minutes per game.
Price will be an unrestricted free agent this summer.